If you dont have house, we will share with you tips on how to get one. Having a house of your own is the dream of many but it can be hard to make this dream come true. If you are currently don’t have a house and want to construct one but don’t have enough money, then there are certain tips you can use to make your dream come true.
Look at your budget and not your requirements
Lots of people say that their requirement is a 10 marla or 250 square yards house though they have budget for 3 marla or 75 square yards house. I would suggest that whatever budget you have go for the house of the same size rather than looking at your requirements. It is important to look at your budget before considering your requirements. It can be easy to get carried away with the idea of having all the features you want in a house, but if you don’t have the money for it, then it won’t be possible. Therefore, it is wise to first look at what you can afford and then decide what features are essential for you and which ones can be sacrificed. This will help ensure that you don’t end up spending more than what you can afford. Keep one thing in mind that at any stage you can sell this house and construct a new one but if you don’t construct a house right now, it will become almost impossible to start a house from scratch and get a large house build. It is pretty similar to buying or getting a car. You don’t have budget, buy a smaller car in Pakistan and the price of that car won’t go down. It will be rather a saving which will also appreciate. Once you have a small car, you can always add in more money and buy a larger car. I would suggest that even if you don’t have budget for 3 marla house, make a 2 marla house and if you are still not able to make a house, reduce the quality of construction but get a house made. When you make a small house, even if you don’t shift in that house, you still start getting some income from it and your rental payments that you make every month, reduce. I would suggest that there is no harm in shifting to own house. With the passage of time, the price of that house increases and till that time you are able to save some more money and there is a time when you are able to sell your house at a better price. This is the time when you can sell that house and start working on a bigger project.
I will give you an example over here. Normally lots of people put in their monthly savings in committee. If your house sells in the same price, just think that you had put in money in a committee and if you get some extra money in terms of rental return or property gain (which you eventually will get), that will be a gain that you are going to get.
Convert from larger plot to smaller plot
One way is to convert from a larger plot size to a smaller one. This will help reduce the cost of building materials and labor costs as well as give you more control over the design of your home. You will get some savings from buying a smaller plot as well. So, the construction cost will not only be reduced but some of it will be covered up by the additional money that you get from the plot.
Make one portion or make smaller house
Even if you have gone to a smaller size of plot and still think that your budget is not sufficient, you should go with the option of leaving some of the construction and complete the rest of the house and shift there.
Selling one of your car for the house
In larger cities, people living in the rented houses even have two cars and the prices of cars in Pakistan have gone really high. So, we have to look into selling one of the car for the time being and constructing our own house. The prices of property has not gone very high in previous one year rather there are places where you will find property at lesser rates from what you use to get in 2022 so this is a good opportunity to buy a plot and eventually construct a house over it. Of course you will have some botheration once you are selling your car but on the other hand, there is lot of convenience that you are getting of your own house.
Additionally, researching different financing options and finding one that suits you will help you in getting your dream home. Some people condemn bank financing but there are lots of people who opt for this option for car financing. So, if you are opting for car financing, house financing is much better option than that. Car is costing you lots of money whereas house is giving you back what you are paying as interest and in a while this interest will drastically reduce and you will be paying principal back.
Selling Gold and spend that in making a house
Lots of people have gold in their house and it can be used once you are making your house. Once the house has been made you can buy back the same Gold gradually if you want. Some assets have to be disposed off when you are constructing your house. It is a motivation and encouragement to start a house. At times you even don’t need to sell gold for a house.
TIP: Actually constructing a house needs motivation. If one of the family member is motivated, that family member should discuss it with the other family members and process of thinking should be started and this is the way house construction can be started and once house construction is started, house will end as well.
Getting loan from other family members or friends
Getting loan from other family members or friends is one option through which you can make a house or complete a house and then you can repay them back. This is the way through which we help one another in our society. I would suggest that we should help one another once they are constructing their house and of course they will help others once they are making their house and this way we will be able to get our dream home and others will be able to fulfil their dreams.
Save 20% of your income
Lots of people are not able to save and especially prices of commodities going sky high, it is becoming difficult but you will have to do that and if you do that, you will be able to make a house of your own. Start buying few things which will be used in your house or start investing in things which will take you to the destination of making a house.
Find opportunities or assets which will help you in making house
There are few things around you, which no one will know except you so tap on them and use them. They will help you in getting closer to starting your own house.
If you have 60-70 percent funds and you are still thinking and are not yet motivated enough, you should watch this video.
Also, maybe if you are short of budget and don’t think that you have budget to get the house designed, you can view some of the sample house plans.